Q1 FY2027 Financial Performance

Revenue and Profitability

  • Revenue from Operations: Rs. 13,457 million, representing 125.3% YoY growth from Rs. 5,973 million in Q1 FY2026
  • EBITDA: Rs. 2,548 million, representing 140.6% YoY growth from Rs. 1,059 million in Q1 FY2026
  • EBITDA Margin: 18.9% compared to 17.7% in Q1 FY2026
  • EBIT: Rs. 2,298 million, representing 132.4% YoY growth
  • EBIT Margin: 17.1% compared to 16.6% in Q1 FY2026
  • Profit Before Tax: Rs. 777 million compared to Rs. 899 million in Q1 FY2026
  • Profit After Tax: Rs. 578 million, representing (14.5)% decline YoY
  • Basic EPS: Rs. 1.88 compared to Rs. 2.41 in Q1 FY2026

Exceptional Item

  • The company recorded an exceptional item (loss due to fire in Bawal Plant) of Rs. 1,436 million (net of tax impact: Rs. 1,074 million)
  • Normalized PAT excluding exceptional item would be Rs. 1,652 million, representing 144.5% YoY growth with margin of 12.3%

Cost Structure

  • Cost of material consumed: Rs. 10,640 million
  • Changes in inventories: (Rs. 1,009) million
  • Employee benefits expense: Rs. 389 million
  • Other expenses: Rs. 535 million
  • Finance costs: Rs. 109 million
  • Tax expense: Rs. 199 million

Operational Highlights

Manufacturing Capacity Expansion

  • Commissioned 2,000 MW solar panel manufacturing facility at Ratlam during Q1 FY27
  • Commissioned 2,000 MW power electronics manufacturing facility in August 2026
  • Total solar panel manufacturing capacity increased to 3,568 MW
  • Total power electronics manufacturing capacity increased to 4,180 MW
  • 2,000 MW lithium-ion battery manufacturing capacity at Ratlam on track for commissioning by Q2 FY27

Distribution Network Expansion

  • Added more than 80 distributors during Q1 FY27
  • Added over 1,000 dealers during Q1 FY27
  • Added more than 30 exclusive Shoppes during Q1 FY27
  • Total channel partner base reached over 10,100 as of June 30, 2026
  • Presence across 25 states and union territories

Strategic Investments

  • Approved acquisition of additional 31% stake each in Zayo Energy Private Limited and Zayo Cables Private Limited
  • Increased shareholding in both companies from 19% to 50%
  • Zayo Energy manufactures solar module components: aluminum frame, PV Ribbon wire, busbar and solder wires
  • Zayo Cables manufactures solar module components: PV junction box, solar cables and EVA sheet

Backward Integration Initiatives

  • Developed in-house capabilities for inverter manufacturing components: sheet metal cabinet, heat sink fabrication, transformers and inductors, PCB mounting including EMS, and wiring harnesses
  • Backward integrated lithium-ion battery operations by manufacturing key components in-house: BMS cards including EMS, Modbus communication boards, cabinets, busbars, displays, wire harnesses

Management Commentary

Mr. Pawan Kumar Garg, Chairman and Joint Managing Director, commented that Q1 FY2027 marked a positive start with higher business scale, continued distribution network expansion, and progress across manufacturing initiatives. The demand environment for residential rooftop solar and power backup solutions remains favorable, supported by increasing solar adoption, policy initiatives and growing awareness across Tier 2 and Tier 3 markets.

Future Outlook

The company remains focused on ramping up newly commissioned capacities, expanding market reach, and improving efficiency across operations. The opportunity in residential rooftop solar remains favorable, supported by government initiatives, rising consumer awareness and increasing adoption.

Manufacturing Facilities

  • Dadri Facility: Solar Cells (1,000 MW capacity)
  • Ratlam Complex: Solar Cells (1,200 MW), Power Electronics (2,000 MW), Lithium-ion Batteries (2,000 MWh), Solar Panels (2,000 MW)
  • Existing capacities: Solar Panels (3,568 MW), Solar Cells (1,000 MW + 1,200 MW expansion), Power Electronics (4,180 MW), Lithium-ion Batteries (545 MWh + 2,000 MWh expansion)

Certifications and Awards

  • Product Certifications: MNRE Approved, TEC Certified, BIS Certified, IEC Compliant
  • Plant Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
  • Warranty: 25 Years Performance Warranty for Solar Panels, 10 Years Product Warranty for On-Grid Inverters, 2-5 Years for Other Products
  • Awards: Renewable Energy Excellence Award (2025), India's Most Preferred Solar Energy Brands (2020), Most Trusted brand of India (2025), Brand of Decade (2025)

Board of Directors

  • Pawan Kumar Garg: Chairman and Joint Managing Director
  • Manav Sheoran: Chief Executive Officer and Joint Managing Director
  • Sonia Bansal Arora: Independent Director
  • Rajesh Kumar Choudhary: Independent Director

Investor Relations Contacts

  • Abhishek Dakoria / Tahir Khinchi
  • Mayuri Gupta, Company Secretary: +91 011 41055305, cs1@utlsolarfujiyama.com
  • Churchgate Partners: +91 99454 72589, fujivama@churchgatepartners.com